The sun. [volume] (New York [N.Y.]) 1833-1916, 1887-11-20

Gne men OF BOunu DCuy WHO uEo hoS'
| imminently In need. But this is not the
only nor the worst disability In the prevail
ing systems. We do not speak for the
disparagement Of insurance companies, but
they are organized and conducted for profit
and they obtain 1t In two why's. Their re-
ceipts for premiums more than cover the
risks taken, and the total receipts are In
creased by the investment OF the money.
The prevailing system OF insurance, there
fore, Is not the system needed by men with
very restricted resources. They need sys-
tenn which will reduce the payments to the
minimum, and permit the investment OF
the money for their own personal benefit.
Fortunately, the cost Of insurance, when
nothing Is considered except the risks, is go
light that lt might be made an incident in
the issue OF company or personal bonds. and
it would amply provide for their redemp-
ton. Fifteen dollars per year will cover the
death risks on each 81, 900 represented In an
insurance policy. Twenty dollars per year
would cover not merely the death risks but
casualties Of oil kinds which an insured per-
son would be likely to meet. Is there not
something very suggestive In this state
mentp II $40 per year would cover the risks
on $4,000, 1t ought not to take Qulck-witted
person long to see that 1t would be good
economy for o workman to pay both the in
tereot and insurance on this amount, and
put tho money In q dwelling of his own.
Tho total at six per cent, with the insurance
added, would be only sl6O per year. There
are many employees in New York who pay
almost as much money for the rent OF hall
bedrooms, and few probably who pay more.
This seems to be a very easy question.
The Brotherhood of Locomotive Engineers
have already had the good sense to avail
themselves Of the opportunities which their
organization offers for insurance on easy
terms, and they find 1t greatly to their adj
vantage. But even these very level-headed
men have not yet learned to turn their OPP
portunities to the best possible account. 1t
is entirely feasible to have insurance on
terms where every cent disbursed may be
either saved In rents or returned In the form
OF dividends on investments.
Workmen have had their incursion into
politics, and they have failed. Let them now
turn their attention in more practical di-
rection, and SEQ II they cannot place them
selves on firmer ground than they have ever
yet occupied. They followed HENRY GEORGE
because they believed that he offered them
chance to escape the payment of rent. He
offered them nothing OF the Sort but only u
chance to escape from the hands OF the land
lord into the clutches Of much more pitiless
and memorable master. But they can escape
the payment Of rent when they choose to
substitute the payment OF interest; and they
will find the new burden much less onerous.
Their unions are already organized. 1t only
needs that they shall acquire legal sanction
for the necessary succeeding steps.
1t may be objected that these unions
would have no credit But that is some
thing to be tested. This is selfish, but not
by any means hard-hcarted world. They
would certainly have no credit that would
enable them to obtain money faster than it
was converted into substantial property
that would stand for its security. But there
Is not a firm Of house manufacturers in New
York that would not consider the bonds Of a
bricklayers' or carpenters union as good Sc
curity as half tho second mortgages, resting
often on no property but their own, which
they accept in return for manufactured ma
terial furnished to builders. And there is
not bank that does not habtualy loan
money on securities not half so trustworthy
as such bonds. The credit % the incor-
porated employees OF this cOun,. >, handling
ninety per cent. of the money in circulation,
and bound in their property and wages to
meet their contracts, would soon be found
good; and no well-managed
bank would refuse to loan money on such
securities AS thew could offer